HB 1107 Summary

• Establishes the Mississippi Affordable Housing Opportunity Fund to assist extremely low-income to moderate-income persons in accessing affordable rental and home ownership housing, with funding from 2.5% of sales taxes collected on lumber and building materials beginning August 15, 2014.

• Designates Mississippi Home Corporation to manage and administer the fund, including receiving and approving applications, ensuring annual audits, and producing annual reports on fund activities and expenditures.

• Creates an 11-member Mississippi Affordable Housing Opportunity Fund Advisory Council composed of representatives from low-income communities, nonprofits, homeless services, disability advocates, and fair housing organizations to advise the corporation on fund operations.

• Establishes funding allocation requirements: at least 60% for low-income individuals/families, at least 15% for extremely low-income individuals/families, at least 55% for rural areas, and no more than 8% for administrative costs (capped at $400,000 annually).

• Requires all housing projects financed by the fund to maintain minimum 15-year affordability periods and authorizes fund use for construction, rehabilitation, down payment assistance, rental assistance, and housing-related support services.